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Currently Not-Collectible Petitions

Currently Not-Collectible status can be granted to individuals or businesses who the IRS has determined are unable to pay their tax debt. While this status is in place, interest and penalties will continue to accrue on the debt, but the IRS will likely not enforce stronger actions such as bank or wage levies, or asset seizure. However, they may file a Notice of Federal Tax Lien if more than $10,000 is owed.

If a business or an individual taxpayer wishes to petition for Currently Not-Collectible status, they must meet the following requirements:

  • Be in compliance with current tax obligations including filing all tax returns, and paying current obligations
  • Be able to demonstrate via a full disclosure of finances that they are able to pay current tax obligations, but cannot pay towards tax debts.
Currently Not-Collectible Petitions

Qualifying for Currently Not-Collectible status can be tricky to navigate, and it is by no means a permanent solution to address the tax debt. However, it can provide assistance by delaying the repayment of the tax debt until you have the financial capabilities to do so. If you think you or your business is a good candidate for Currently Not-Collectible status, contact Golden Lion Tax Solutions to discuss your options.

Disclaimer: There are requirements that must be satisfied in order to qualify for some of the tax solutions we discuss on our website. Not all of our services will be suitable for every client. Golden Lion Tax Solutions is here to help you find the most appropriate resolution strategy to fit your situation.